Imagine Nandar, a young artist from Myanmar. Her detailed digital paintings are filled with the brilliant colors of her native Ecuador and reflect powerful stories of strength. To their surprise, they discovered a receptive audience on Bybit’s NFT marketplace. For her, it was about a lot more than a platform. It was creative salvation—opening a portal to the international art scene and offering an invaluable stream of income that enabled her to raise her family. Now, that window is slamming shut.

Bybit's decision to shutter its Web3 services, including its NFT marketplace, isn't just a corporate restructuring. It’s a dire state of affairs for artists like Nandar. In particular, a large number from Southeast Asia and other emerging economies saw these platforms as a means to receive a more level playing field. We had been promised that Web3 was going to liberate the creator economy. What happened?

Is Decentralization Really Decentralized?

We need to be honest with ourselves. The potential of a decentralized, equitable Web3 usually comes up against the centralized power and corporate decision-making that often dominate the current tech landscape. Bybit's shutdown, following a reported $1.4 billion hack, underscores a critical vulnerability: the fragility of these platforms. Sony is launching Anime Art Festivals on their Layer-2 blockchain, Soneium. What is going to happen if Soneium ever chooses to pull the plug? Where does that leave the artists who have thoughtfully and painstakingly booked live content into that ecosystem?

Think about it. In our own backyard, Slovenia is putting forth a 25% tax on crypto gains. Illustration by Alex Castro / The Verge Google has recently begun enforcing MiCA rules, banning crypto advertising across Europe. Even the Trump family is cashing in on the crypto craze. In the process though, this revolution is destroying the artists that it was originally created to benefit. Yet their support and stability are being dismantled. Is this really the future we envisioned?

Forgotten Voices, Silenced Potential

It’s time to listen to the artists who are being hit the hardest. Nandar isn't alone. I've spoken to dozens of artists who relied on Bybit's NFT marketplace. They're not just losing a sales channel; they're losing a community, a sense of belonging. Most of these artists come from parts of the world where there are huge barriers to entry into the traditional art market. Yet as messy as the Web3 space is, it does carry a certain promise. It enables creators to jump over traditional gatekeepers and reach audiences directly on their own terms.

Now, they're left scrambling. Where do they go? Even great moves like OpenSea integrating Solana are wonderful, but will it really take in the flood of artists looking for a new home? Will these artists fall through the cracks, buried beneath the noise and marketing prowess of the big boys? The emotional toll is immense. The anger, the worry, the impetus of being left behind – that’s just part of the story.

We tout the success stories, the Beeple NFT sales, the CryptoPunk millionaires. When we do this, we tend to forget the many, many artists who barely scrape by. These talented creators have become the lifeblood of the NFT ecosystem. Their voices need to be heard. Their potential cannot be silenced.

Whose Web3 Is It, Anyway?

The Bank for International Settlements (BIS) is advocating for the “containment” of crypto risks. That's a fine sentiment, but containment shouldn't mean stifling innovation and crushing the dreams of emerging artists. We need smarter regulation, not blanket restrictions.

We need to come together around the critical question, whose Web3 is this, exactly? Is it really for the venture capitalists, the tech titans, and the politicians? Is it for the dreamers, the visionaries, and the brilliant minds who shape our future? They are creating the future, one digital brushstroke at a time!

We can no longer allow these artists to fall through the cracks of our system. We need to actively support them.

  • Buy their art: Seek out artists from emerging economies and purchase their NFTs.
  • Share their stories: Amplify their voices on social media. Let the world know what's happening.
  • Demand accountability: Hold platforms accountable for their actions. Advocate for policies that support artists.
  • Build alternatives: Support the development of truly decentralized, community-owned NFT marketplaces.

This isn't just about Bybit. It's about the soul of Web3. It’s a test of whether we are serious about creating a more equitable and inclusive digital future. The choice is ours. Would we allow voices of promising young artists to go unheard? Or will we opt for something better, proving our country’s ideals by building a future where opportunity is within everyone’s reach? The time to act is now. Before it's too late.